Wholesale inflation rose in March to three year-high

By Alicia Wallace, CNN

(CNN) — Fast-rising oil prices sent US businesses’ costs higher in March, lifting wholesale inflation to 4%, the highest annual rate in three years, according to Bureau of Labor Statistics data released Tuesday.

The Producer Price Index, which measures the average change in prices received by producers of goods and services, rose 0.5% from February, the same pace seen the month before.

While the annual rate of wholesale inflation jumped higher, the March PPI came in better than expected. Economists estimated wholesale prices would rise 1.1% from February, driving the annual rate to 4.6% from the 3.4%, according to FactSet estimates.

The weekslong war in the Middle East has amplified the significance of inflation gauges like PPI, which could indicate how deeply spiking energy costs are rippling through the economy.

The PPI report comes just days after the Consumer Price Index showed Americans are already paying significantly more for a range of goods.

PPI serves as a potential bellwether for what consumers could experience in the months to come.

The-CNN-Wire
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